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Ranked lists

Top 100: Highest profit margins

Backtest from 31 Mar 2010 to 30 Sept 2026 · quarterly · hypothetical

Watch this strategy
Return a year
+12.3%
S&P 500 +14.0%
Last 12 months
+7.0%
S&P 500 +15.7%
Sharpe ratio
0.70
S&P 500 0.86
Biggest drop
−28.8%
S&P 500 −23.9%
$10.0k$20.0k$40.0k$80.0k 201020122014201620182020202220242026 $87.2k$67.5k
StrategyS&P 500 $10,000 in Top 100: Highest profit margins from 31 Mar 2010 against the S&P 500 (total return) over the same dates, marked quarterly, log scale. Hypothetical: before taxes and trading costs.

About

Holds the top 100 companies on our “highest profit margins” list, equal weight, rebuilt every quarter from figures in quarters that ended at least 90 days earlier, the same rules as the live list.

The live list →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+12.3%+14.0%
Total return+575%+772%
Last 12 months+7.0%+15.7%
Last 3 months−3.1%—
Last month−3.1%—
This year so far+5.7%—
Volatility a year16.6%15.1%
Sharpe ratio0.700.86
Biggest drop−28.8%−23.9%
Beta to the S&P 5001.021.00
Alpha a year (t-statistic)−1.6% (−0.92)—
Share of quarters up77%—

Sharpe ratio uses returns above the 3-month Treasury bill rate. Alpha is the yearly return left after allowing for the strategy's exposure to the S&P 500 (CAPM); a t-statistic below about 2 means it cannot be told apart from luck.

Insights

CompanyWeightHeld sinceReturn since
VICI1.0%——
OHI1.0%——
APP1.0%——
NVDA1.0%——
INSW1.0%——
MTG1.0%——
MU1.0%——
WDC1.0%——
GOOGL1.0%——
ACT1.0%——
VRSN1.0%——
PLTR1.0%——
RGLD1.0%——
EWBC1.0%——
PLD1.0%——
HOMB1.0%——
PSA1.0%——
UTHR1.0%——
PTC1.0%——
MSCI1.0%——
PB1.0%——
MSFT1.0%——
UBSI1.0%——
SLDE1.0%——
AVGO1.0%——
SCHW1.0%——
ANET1.0%——
AMG1.0%——
SLM1.0%——
MLM1.0%——
CNX1.0%——
WPC1.0%——
FIX1.0%——
RILY1.0%——
MPLX1.0%——
DTM1.0%——
KLAC1.0%——
CRDO1.0%——
EXEL1.0%——
VRTX1.0%——
SSB1.0%——
SBAC1.0%——
REG1.0%——
MCO1.0%——
SNDK1.0%——
FICO1.0%——
UCB1.0%——
MO1.0%——
WSBC1.0%——
LLY1.0%——
EBC1.0%——
CPRT1.0%——
NEM1.0%——
TDS1.0%——
AX1.0%——
FNB1.0%——
FRT1.0%——
JPM1.0%——
RDN1.0%——
FSLR1.0%——
NEE1.0%——
AM1.0%——
UMBF1.0%——
GPOR1.0%——
VLY1.0%——
MCD1.0%——
GS1.0%——
AUB1.0%——
WTFC1.0%——
ONB1.0%——
ASB1.0%——
ZION1.0%——
CBSH1.0%——
LRCX1.0%——
TXN1.0%——
AMT1.0%——
BRX1.0%——
ALAB1.0%——
MTB1.0%——
UDR1.0%——
FIBK1.0%——
HDB1.0%——
ROP1.0%——
OXY1.0%——
ICE1.0%——
FHN1.0%——
ABCB1.0%——
CFR1.0%——
WES1.0%——
HMY1.0%——
VCTR1.0%——
BNY1.0%——
PNC1.0%——
CUBE1.0%——
UI1.0%——
AMAT1.0%——
RF1.0%——
WTM1.0%——
TROW1.0%——
WSFS1.0%——

Equal weight at the latest rebalance, rebuilt every quarter.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest31 Mar 2010 to 30 Sept 2026+12.3%+14.0%0.700.86−28.8%1.02−1.6% (−0.92)
2018 onwards31 Mar 2018 to 30 Sept 2026+10.5%+15.1%0.480.75−28.8%1.02−4.0% (−1.32)
Last three years31 Dec 2023 to 30 Sept 2026+15.5%+20.2%1.111.25−3.1%0.68+0.5% (0.13)
DateCompanyAction
30 Sept 2026ZIONBought
30 Sept 2026WTMBought
30 Sept 2026WSFSBought
30 Sept 2026WPCBought
30 Sept 2026VCTRBought
30 Sept 2026UDRBought
30 Sept 2026TXNBought
30 Sept 2026TROWBought
30 Sept 2026TDSBought
30 Sept 2026SNDKBought
30 Sept 2026ROPBought
30 Sept 2026RFBought
30 Sept 2026PNCBought
30 Sept 2026OXYBought
30 Sept 2026ONBBought
30 Sept 2026NEEBought
30 Sept 2026KLACBought
30 Sept 2026INSWBought
30 Sept 2026HMYBought
30 Sept 2026FIXBought
30 Sept 2026CUBEBought
30 Sept 2026CFRBought
30 Sept 2026BNYBought
30 Sept 2026AUBBought
30 Sept 2026AMTBought

Dated at the rebalance that made the change.

DateCompanyAction
30 Sept 2026XPSold
30 Sept 2026WPMSold
30 Sept 2026VNOSold
30 Sept 2026TMESold
30 Sept 2026SUISold
30 Sept 2026SEICSold
30 Sept 2026QFINSold
30 Sept 2026PUKSold
30 Sept 2026NVOSold
30 Sept 2026NTESSold
30 Sept 2026MRVLSold
30 Sept 2026GILDSold
30 Sept 2026GFISold
30 Sept 2026FULTSold
30 Sept 2026FNVSold
30 Sept 2026ESSSold
30 Sept 2026EQTSold
30 Sept 2026DACSold
30 Sept 2026CHKPSold
30 Sept 2026CDESold
30 Sept 2026BTISold
30 Sept 2026AUSold
30 Sept 2026ARGXSold
30 Sept 2026AGOSold
30 Sept 2026AGISold

Dated at the rebalance that made the change.

Backtests are hypothetical and use today's listed companies only, which flatters results. Past performance does not predict future returns. This is research, not investment advice. How we backtest